Harmony does not adopt a one-size-fits-all approach, but accommodates national differences. Very few of us would argue with expending efforts towards this end. Convergence on the other hand is moving together toward a common result. ... The results are inconsistent standards, e.g. pension accounting, ESO's, etc..

What is the difference between harmonization and convergence?

Harmonisation refers to all the efforts aimed at reducing diversity in accounting practices across the globe while convergence refers to measures adopted by individual countries in the course of moving from national GAAP to IFRS.

How does harmonization differ from convergence quizlet?

Harmonization refers to the reduction of alternative accounting practices in different countries. 3. Convergence refers to the process of developing a set of high quality financial reporting standards for use internationally.